Föhrenbergkreis Finanzwirtschaft

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IMF boss Lagarde warns economy ‘too weak for comfort’

Geschrieben von hkarner - 3. April 2014

Date: 03-04-2014
Source: BBC

Lagarde CCIMF managing director, Christine Lagarde
The global economy is “too weak for comfort”, Christine Lagarde said

The global economy could be heading for years of “sub-par growth”, according to the head of the International Monetary Fund (IMF).

Christine Lagarde warned that without “brave action” the world could fall into a “low growth trap”.

She said the global economy would grow by more than 3% this year and next, but that market volatility and tensions in Ukraine posed risks.

Ms Lagarde also urged more action to tackle low inflation in the eurozone.

‘Unconventional measures’
Low inflation in the eurozone has been caused by the presence of a greater level of spare capacity in the economy, meaning it is not growing to its full potential due to underinvestment, ompared to the US or UK. Den Rest des Beitrags lesen »

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IMF Lagarde: Prolonged Low Inflation May Derail Euro Zone’s Recovery

Geschrieben von hkarner - 5. März 2014

Date: 04-03-2014

Source: The Wall Street Journal

Lagarde CCIMF Chief Says More Monetary Stimulus Needed

A prolonged period of low inflation in the euro zone may derail the currency area’s fragile economic recovery, and must be fought with additional monetary stimulus, International Monetary Fund chief Christine Lagarde said Monday.

Ms. Lagarde, who was speaking at a conference in Bilbao, northern Spain, said that while the European Central Bank already has taken a number of strong measures to help the euro area, “even further accommodative policies and targeted measures are needed to address low, below-target inflation and achieve lasting growth and jobs.”

Annual inflation in the euro zone was 0.8% in February, according to European statistics office Eurostat, well below the ECB’s target of just below 2%. The ECB will meet Thursday to decide on interest rates for the area.

Ms. Lagarde also said that Europe needs to complete its banking union and repair bank balance sheets, to reduce financial fragmentation within the euro area.  Den Rest des Beitrags lesen »

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Falling Prices Threaten Fragile Growth, IMF Head Says

Geschrieben von hkarner - 16. Januar 2014

Date: 16-01-2014
Source: The Wall Street Journal

Lagarde Says Growth ‘Stuck in Low Gear,’ Too Fragile

WASHINGTON—The head of the International Monetary Fund on Wednesday warned that deflation in advanced economies threatens to derail a strengthening, but still fragile global recovery this year, requiring central banks in the U.S. and Europe to keep easy money flowing.

“With inflation running below many central banks’ targets, we see rising risks of deflation, which could prove disastrous for the recovery,” IMF Managing Director Christine Lagarde said in a speech at the National Press Club.

“If inflation is the genie, then deflation is the ogre that must be fought decisively,” she said.

The IMF is planning to upgrade its forecast for global growth in its latest economic assessment due out next week. Den Rest des Beitrags lesen »

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Lagarde Warning IMF Concerned about Possible German Austerity

Geschrieben von hkarner - 28. Dezember 2012

Date: 27-12-2012
Source: DER SPIEGEL

LagardeInternational Monetary Fund head Christine Lagarde has said that Germany should be the motor of growth in the EU.

Germany should move slower on fiscal consolidation and savings to counteract the economic effects of austerity programs currently throttling growth in Southern Europe, argues Christine Lagarde. Still, the IMF chief remains cautiously optimistic about the euro-zone’s economic prospects for the next year.

International Monetary Fund head Christine Lagarde has said that Germany should not be looking at measures aimed at consolidating its finances, apparently in concern over a SPIEGEL report indicating that the German Finance Ministry is working on a far-reaching package of spending cuts and tax hikes for introduction following general elections next autumn. In an interview with the Thursday edition of the influential weekly Die Zeit, she said that Germany needs to continue to work as a counterbalance to the biting austerity programs passed in crisis-stricken countries in Southern Europe. Den Rest des Beitrags lesen »

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After The Fat Lady Sings

Geschrieben von hkarner - 26. November 2012

Author: Edward Hugh · November 25th, 2012 · RGE EconoMonitor

Financial journalists across the globe were both surprised and puzzled recently when they heard Christine Lagarde using a strange expression. “You know, it’s not over until the fat lady sings, as the saying goes,” she told bemused reporters at a press conference in Manilla. Which fat lady, and what does she sing must have been questions going through the heads of many of those present.

Further investigation would have lead them to discover that far from this being some new piece of feminine wisdom that the IMF DG wanted to transmit, the phrase in fact comes from the rather male world of business deals and contact-sport-commentators and is generally used to describe closely contested matches, or deals which won’t be struck till the final offer is actually made.

Ms Lagarde naturally had other things in mind. She was referring to the state of negotiations surrounding the latest Greek bailout review, prior to the handing over of that long awaited 31.5 billion euro tranche the country so badly needs to meet its ongoing commitments. The curious thing about the holdup in this case is that it isn’t the result of a stand-off between the Troika and the Greek government. Last week the Greek parliament passed the final set of budget decrees required by the international lenders to enable the transfer.

No, in this case the dispute is an “internal affair” between the rival parties which make up the Troika, and in particular between the German government and the IMF. The issue is how to leave Greek finances having at least the appearance of being on a stable and sustainable path, which in this case is defined as attaining a sovereign debt level of 120% of Greek GDP come 2020. Delaying the country’s fiscal objectives by 2 years effectively means putting back the theoretical attainment of that objective by the same amount of time – until 2022. Jean-Claude Juncker was willing, but the IMF is digging its heals in. Any new agreement, Ms Lagarde said as she left Manilla en route for Tuesday’s Brussels EU finance ministers meeting, should be “rooted in reality and not in wishful thinking.” Tut tut, Mr Juncker. Den Rest des Beitrags lesen »

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How to Get the Balance Right: Fiscal Policy at a Time of Crisis

Geschrieben von hkarner - 11. Mai 2012

Authors: Anders Borg & Christine Lagarde · May 7th, 2012 · IMF Direct

Last autumn was a turbulent time for Europe. The debt crisis deepened and financial markets became embroiled in turmoil, driven by fears of widespread restructuring of public debt. The crisis has harmed growth, increased unemployment, and left a large number of people less protected.

We are now seeing some signs of stabilization. Most countries are reducing their deficits and even if debt ratios are still rising, the return back to fiscal health has begun. (Wo leben die? In Washington! hfk)

The International Monetary Fund and the Swedish Ministry of Finance are hosting an international conference in Stockholm on May 7-8, with the purpose of sharing knowledge and providing guidance on the best way to achieve fiscal consolidation, and on the role that effective fiscal policy frameworks and institutions can play in this endeavor.

Learning from experience Den Rest des Beitrags lesen »

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Draghi, Soros, Geithner, Roubini, Calderon, Merkel: In Their Own Words From the WEF on the Europe Crisis Via Bloomberg

Geschrieben von hkarner - 1. Februar 2012

http://www.economonitor.com/nouriel/2012/01/30/draghi-soros-geithner-roubini-calderon-merkel-in-their-own-words-from-the-wef-on-the-europe-crisis-via-bloomberg/

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Driving the Global Economy with the Brakes On

Geschrieben von hkarner - 26. Januar 2012

Author: Olivier Blanchard, IMF · January 24th, 2012 ·

Starting with the bad news–the world recovery, which was weak in the first place, is in danger of stalling. The epicenter of the danger is Europe, but the rest of the world is increasingly affected.
There is an even greater danger, namely that the European crisis intensifies. In this case, the world could be plunged into another recession.
Turning to the good news–with the right set of measures, the worst can definitely be avoided, and the recovery can be put back on track. These measures can be taken, need to be taken, and need to be taken urgently. Den Rest des Beitrags lesen »

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IMF Head Christine Lagarde

Geschrieben von hkarner - 24. Januar 2012

Date: 23-01-2012
Source: NewsWeek

The truth talker. As head of the International Monetary Fund, can Christine Lagarde steer Europe and America away from the brink of the next Great Depression?

Friday the 13th of January dawned grim at the International Monetary Fund in Washington, D.C. The news blowing in from across the Atlantic, as often happens these days, brought the smell of disaster like an approaching hurricane. The credit scores of France and eight other European countries had just been knocked down. Negotiations to bail out an all-but-bankrupt Greece had stalled, or died—it wasn’t clear which.

At a meeting that morning, the fund’s board heard that European countries were not doing the maximum necessary to stave off a financial implosion that could suck the life out of America’s anemic recovery and bring Western economies again to the brink of recession, or worse.

Christine Lagarde, the former French finance minister who has been at the top of the fund since last summer, sat at the head of the oblong ring of seats in a conference room lined with portraits of past IMF managing directors, all of them men. (Her immediate predecessor, Dominique Strauss-Kahn, resigned in the midst of a sex scandal last May; his painting has yet to be put up.) Lagarde listened calmly as the 24 representatives of 187 different countries took in the bleak news, delivered by one of her key aides. Good, she thought. The staff, which has its antennae everywhere, told what the whole truth is. From her point of view, that made it a positive meeting. “Telling truth is our job,” she said. There is still time to prevent a second collapse, she believes. But not much time. Den Rest des Beitrags lesen »

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IMF warns that world risks sliding into a 1930s-style slump

Geschrieben von hkarner - 17. Dezember 2011

Date: 16-12-2011
Source: The Guardian

Christine Lagarde calls for global unity to tackle financial crisis as French launch verbal broadsides at David Cameron and UK

Christine Lagarde shares a platform in Washington with Hillary Clinton, the US secretary of state. Photograph: Benjamin J Myers/Corbis

The world risks sliding into a 1930s-style slump unless countries settle their differences and work together to tackle Europe’s deepening debt crisis, the head of the International Monetary Fund has warned.

On a day that saw an escalation in the tit-for-tat trade battle between China and the United States and a deepening of the diplomatic rift between Britain and France, Christine Lagarde issued her strongest warning yet about the health of the global economy and said if the international community failed to co-operate the risk was of “retraction, rising protectionism, isolation”.

She added: “This is exactly the description of what happened in the 1930s, and what followed is not something we are looking forward to.” Den Rest des Beitrags lesen »

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